Apple falling behind on igniting innovation: Pro

Apple must ignite innovation: Pro

Apple shares closed higher Wednesday, but the pros disagree on whether the stock has more room to run.

According to legendary stock picker Bill Miller, Apple is worth up to $750 a share. Telsey Advisory Group's Tom Forte is also bullish. Telsey has a target price of $650, but Forte thinks new product news, like a television or watch, can drive the stock higher.

Read More Apple worth $700, $750 a share: Bill Miller

"I think there's enough near-term opportunities over the next 12 to 24 months for Apple, adding the new categories, and then mix that with the product refresh, a $90 billion repurchase program and I think the stock's in a very good position here," he told CNBC's "Closing Bell."

An Apple store in San Francisco
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9to5mac is reporting that some new hardware will be presented at the company's Worldwide Developer Conference next month. While there were no specifics on the type of hardware anticipated, 9to5mac said to also expect a redesigned operating system, new iPad features and a new health tracking software.

Read MoreNew hardware from Apple in two weeks?

For JPM Securities' Alex Gauna, whatever it is will likely not be enough for the tech giant.

"Yes, they're still number one in terms of hardware manufacturing but in terms of software, in terms of igniting the imagination, they are falling behind," he said in an interview on "Closing Bell."

Apple's incremental innovation is not happening fast enough, he said, and innovation is key to earnings growth.

Read More Apple's no longer the world's biggest brand – but who is?

With hardware companies, "the margins go away first, then the growth goes away, and Apple as a stock has a multiple that bakes in growth for this story," he said.

JPM Securities thinks it is safer to play vendors who supply components to Apple.

—By CNBC's Michelle Fox

Disclosures: JMP makes a market in securities of Apple. No disclosures for Tom Forte.